Maine Real Estate For Sale !

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In Maine, Used To Always Go With ME Real Estate Appraiser, Hand Pick The Comparable Sales, Property Listings.

The banker making the Maine real estate property loan used to scope out the listing and decide if the value was there for collateral, before independent appraisers took over the job for the place with the vault, teller lines.

tool boxAnd in Maine, real estate brokers, agents, REALTORS used to ride shot gun with the appraiser to the property, bringing along comparable sales, competing listings like the subject listing under the bright value microscope. The real estate appraiser was not on the ME multiple listing service, the mls network that tracks what is for sale, pending, or already recently sold. Many times neither was the agent, broker especially in the rural areas of Maine. So information, accurate apples to apples property listings to size up the subject home, land, farm, waterfront property with a market approach was generated in home grown fashion.

The agent, real estate brokerhelped the appraiser build a case for what the property was worth. He or she was the logical guy or gal for the job as had been to the property, scoped it out many months ago and as it was marketed, shown, more and more about what makes it tick is revealed. The appraiser was having a glance, once over "date" for the half hour to 60 minutes being spent at the property before going back to his office and making the study, comparison from the observation tour. The degree of detail, accuracy of the agent, real estate broker's listing sheet, imagery helped the appraiser do his job. Like a lawyer in a court of law, the relationship with the judge, which the appraiser is, was a professional one but also you get to understand the working relationship function each has to do to make the system work.

Nowadays with appraisers on the fast paced move it out scout MLS real estate system, property pipeline, and with volume the key, a lot of ground is covered, quickly, with a standardization principle applied. Like cattle at the auction, looking for a bidder, the auctioneer has to size up the meat quickly, in so many colorful fastly articulated words to explain what the next bull heifer details the folks in the audience need to know to decide to buy or not. And for how much, how far they will go.

So when an appraiser is on a day mission, property maneuvers to swoop in to a rural Maine outpost to do five appraisal inspections, the chances something is missed is higher now. Sure the listing sheet is jammed packed with fields but even with 50 spaces to fill in to try to differentiate one property from another...mistakes are made. Areas missed, and comparison analogies can be flawed. Like a doctor with too many charts, not enough sleep and problems outside the hospital, on the home front.

Like the process too in row after row of used cars at an auction where they pretty much all look alike until noticing that a front fender is a little darker shade on that Chevy Impala meaning red flag comes up, accident in the past on that one.

Many of the mls field details are pretty similiar from one residence to the next taking away room count and square footage. And the condition of the kitchen on this cape, that ranch is missing because the listing is promoting the property, hitting the marketing highlights to cause the phone to ring, emails to pour in, real estate office visits to happen.

So when a property appraisal comes in low in the 200 mile and hour world of real estate, bank loan competitive lending, and more and more hands off from the bank, broker and the appraiseron his own in the field as he like Santa hits many homes during each day, cut of communication happens. Days start to fly by as the CSI what happened plays out. Real estate broker finally gets appraisal from bank and studies comps used and picked by appraiser. Not like the days of the agent, real estate broker bring them to the inspection because the appraiser had not idea of the new sale on Elm Street, Green Street and Morning Glory Circle and could use these fresh horses..I mean houses to compare to in the analysis.

Now the appraiser can be isolated behind his own lime green curtain. Being a wizard as long as the property's appraises okay.

Throwing a major wrench in to the operation like a card player tosses down the Queen of Spades in the game of Hearts effectively upsetting the apple cart in a major game changing way.

And the sale derailed unless he agrees that comparable one was inferior in this, this and this area. Comparable two not an arm's length transaction and missing vital parts like a furnace, electrical panel, plumbing that works. Is faster better?Is keeping the bank, broker and appraiserin very separate rooms during the questioning, property interrogations helping? Were the old days too dog and pony slow for today's smaller profits so more volume needed for products, services like the rest of America sees across the board as the new way to roll? And that's the way it is from Maine, up here in the right hand corner of the world, the planet.

I'm Maine REALTOR Andrew Mooers

info@mooersrealty.com | 207.532.6573

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Comment balloon 8 commentsAndrew Mooers | 207.532.6573 • July 26 2010 06:13AM

Comments

Andrew, like your analogies in your post today...there are benefits and detractions in today's appraisal world that's for sure...it would be nice to have the right balance.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) about 9 years ago

I agree that production and efficiency has changed things. Now we are not supposed to even have contact with the appraiser. Things sure have changed.

Cal

Posted by Cal Yoder, Homes For Sale in Lancaster PA - 717.413.0744 (Keller Williams Elite) about 9 years ago

Isolation with the appraiser has gone from the ride together, find comps and talk about the property..exploring it together like a lawyer helps make the case for a judge to decide..render a verdict, arrive at a fair, unbiased conclusion. But when the appraisal is a drive by at 35 miles an hour because the buyer is plopping down 50% even with our 25 images, video, the appraiser never gets inside the place so coming in $3000 low makes you wonder how accurate the process has become. A trip thru the inside could not hurt but paying the extra step is avoided for the sake of saving fees. But it's like a physical with the doctor in the other room during the process, the interview. No communication and a sniper crusing in as an army of one, hit and run.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 9 years ago

We have had all sorts of problems here since HVCC came into the picture. One appraiser on our property came from the Western part of the state. Ridiculous...I feel your pain.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) about 9 years ago

Andrew, 

It's a very frustrating process today.  However, appraisals will still need to evolve.  It's crazy how the market was  4-5 years back, where appraisals were incredibly high.  Now mortgage companies are so afraid of making any good decisions, we have appraisals being done to be exceptionally conservative to protect the banks interests.   As well. the appraisers don't use the right comps, making appraisals way OFF base.

This too shall pass, but very frustrating. 

All the best, Michelle

Posted by Michelle Francis, Realtor, Buckhead Atlanta Homes for Sale & Lease (Tim Francis Realty LLC) about 9 years ago

When a flawed appraisal figure comes in...like we had a $69,900 home suddenly appraising for $40,000, less than one of the comps I sold for $45000 that should not have been used in the appraisal comp line up, it's time to make a call. But if you challenge an appraisal, ask for review, which is rare for it to ever have to come up, appraiser can be a wet hen or irritated rooster, when put to task on comps or asked why wasn't this one, this one, this one used. Places we sold a few times already, have been all thru and know inside and out, shot the pictures, uploaded the video.

 

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 9 years ago

Andy.....the times have changed and the days of communicating with appraisers are long gone....they don't talk anymore....they all march to their own drummer.....if they say the buyer's paying too much, then either the seller comes down on the price or the deal is dead....it'll never be like the good ole days.

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 9 years ago

Barbara...but like a lawyer who missteps, board of overseerers checks propiety in cases of hanky panky. And in cases where appraisal is not just off, but close to half price off, whistles blow, warning lights and air raid property sirens activate for review, reassignment. 2nd appraisals, had had them come in as much as $50,000 higher. How can there be that big a discrepancy? Billy Joel sang "We're only human, we're supposed to make mistakes". Brokers do too, so do bankers, appraisers, attorneys. Everybody except maybe God, Mister Rogers, and Barney the purple dinosaur.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 9 years ago

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